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Friday, January 5, 2018

Friday Feature Book Review: Goldman Sachs: Culture of Success: Lisa Endlich ゴールドマン・サックス―世界最強の投資銀行 リサ エンドリック

There is always one firm at the top, and right now, it is Goldman Sachs. How do you get there? Is there a shortcut to success? Can a better competitor adapt and overtake it somehow or someway? If there is a way to dethrone the current king of investment banking, it will not be quick. Marcus Goldman, started the firm in 1869 and was joined by a relative Samuel Sachs, soon after in 1882. With more than 147+ years of experience behind them, it did not come quickly.

There is something different about Goldman bankers that is not shared with other firms. It is one of those things that is known, but never easy to explain. It is partly about a level of client connection, and determination. It is a rare combination that is rewarded more often or more clearly than any rival in the industry. Transactions of note include the IPO of Ford Motor Company in 1956, Richard Branson's Virgin Music, and Ralph Lauren's Polo, all firms that were helped with various dealings. As the client grows, so does the service provider. It is a virtuous circle of success.

The term "partner, as in a Goldman Sachs partner" is a rare thing today that is really the epitome of professional success. It is a badge of determination, dedication and wealth that no other investment bank in the world offers to as many as Goldman Sachs does today. In fact, it gives partnerships to any member in any branch anywhere in the world. It is not only for those who stay in New York City. The current list of partners often reflects where financial markets are growing strongest, by helping clients expand and reach new markets. The competition to become a partner is high, but so are the financial rewards. It is literally worth millions of dollars in compensation annually, but only for the few.

As an example of this new internationalism, top earners at a younger than expected age, were given partnership at overseas branches. Oki Matsumoto, worked for the Japan branch and was one of the very first partners to come the region. He represented what could happen to ambitious staffers in any branch on the globe. Back in 1998, when he was just 35, he made partner. The surprise is that he had joined the firm only 8 years before from Salomon Brothers Asia. The Japan bubble was followed by major steps in the UK and Europe, recently China as well. All have grown local Managing Directors who have become Goldman Sachs partners, the ultimate corporate peak.

The Top 3 Takeaways from this book that impact any reader are:

1) Never be in a rush for success. You need to build a solid foundation, before you can grow far and wide. Corporate culture starts with key people. That is how you begin.
2) A great observation is how you can grow a firm based on the clients you serve. Ford Motor Company was small in the beginning, but with help from its investment bank, Goldman Sachs, it grew globally.
3) Winning and losing is very black and white. If you have the capital to take a risk early, do so. You can then learn from mistakes early, pivot and focus on where the true profits can be found. Success is never a straight line.

Since its early international expansion days, many partners from Asia & Japan, have stood out and succeeded.  Many other markets have grown outstanding talent, and have made it to becoming a partner. This firm pays like no other, and this book details so many of the people at its core. The key one who have the drive needed to make it to the very top of finance. If you are a history buff and like finance, this book is for you. highly recommended. Highly Recommended!

Please visit us for our Friday Feature Review where TMJ Partners will review books, movies, services and anything else with a financial theme.  Follow us now for our free weekly updates, just click hereThank you for reading and learning more about how money is made in finance!

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